WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019

Transcription

1 WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 Worldwide retail sales including in-store and internet purchases will surpass $22 trillion in 2015, up 5.6% from Retail ecommerce sales, those purchased over the internet, will make up 7.4% of the total retail market worldwide, or $1.671 trillion. By 2019, that share will jump to $3.578 trillion, yet retail ecommerce will account for just 12.8% of retail purchases. emarketer is the Official Research Partner of etail West 2016

2 Dear Reader, emarketer is pleased to make this report available to you. This report is a great example of emarketer data and insights that focus on how consumers spend time and money; and what marketers are doing to reach them in today s digital world. We invite you to learn more about emarketer s approach to research and why an emarketer subscription is the go-to industry-standard resource for the world s leading retailers, brands, media companies and agencies. Best, David Iankelevich Vice President, Marketing emarketer, Inc. 11 Times Square, Floor 14 New York, NY sales@emarketer.com

3 WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 Worldwide retail sales including in-store and internet purchases will surpass $22 trillion in 2015, up 5.6% from Retail ecommerce sales, those purchased over the internet, will make up 7.4% of the total retail market worldwide, or $1.671 trillion. By 2019, that share will jump to $3.578 trillion, yet retail ecommerce will account for just 12.8% of retail purchases. emarketer estimates that global retail sales growth is slowing, but year-over-year increases will continue, mainly fueled by sales in China, India, the US and developing countries in the Middle East and Africa. Retail ecommerce sales are accelerating faster than previously anticipated and will jump 25.1% year on year in Ecommerce sales growth will outpace brick-and-mortar sales growth by a more than 3-to-1 margin over our forecast period. Asia-Pacific will be the main driver behind this growth, accounting for over half of global retail ecommerce sales in 2015, or $ billion. We expect ecommerce sales in the region to climb $1.459 trillion by 2019, contributing to over three-fourths of the worldwide growth of $1.907 trillion. In 2015, over half of all internet users worldwide and 24.3% of the global population will be digital buyers. Nearly half of these digital buyers will reside in Asia-Pacific, even though they account for only 22.5% of the region s population. WHAT S IN THIS REPORT? This report includes emarketer s latest forecast for worldwide retail sales and retail ecommerce sales, including purchases made on desktop/laptop computers, tablets and mobile phones. It also includes estimates for digital shoppers and buyers. The projections run through 2019 and include breakouts by region and country. Retail Ecommerce Sales Worldwide, trillions, % change and % of total retail sales $ % 6.3% 2014 $ % 7.4% 2015 CONTENTS 2 Worldwide Retail Ecommerce Sales: emarketer s Updated Estimates and Forecast Through emarketer s Latest Estimates 7 Complete Forecast $ % 8.6% 2016 $ % 9.9% Editorial and Production Contributors $ % 11.4% 2018 $ % 12.8% 2019 Retail ecommerce sales % change % of total retail sales and event tickets KEY STAT: Retail ecommerce will reach $1.671 trillion this year, up 25.1% from emarketer expects online sales will grow at double-digit rates throughout the forecast period, reaching $3.578 trillion in WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 2

4 EMARKETER S LATEST ESTIMATES TOTAL RETAIL SALES Total worldwide retail sales across all channels will reach $ trillion in 2015, up 5.6% year over year. emarketer forecasts sales will reach nearly $28 trillion in 2019, but annual growth rates will gradually slow over the next few years. Total Retail Sales Worldwide, by Region, trillions and CAGR CAGR ( ) Asia-Pacific $7.915 $8.573 $9.276 $ $ $ % North America $5.090 $5.254 $5.431 $5.615 $5.799 $ % Western Europe $4.207 $4.249 $4.289 $4.330 $4.375 $ % Latin America $1.737 $1.828 $1.920 $2.018 $2.131 $ % Central & Eastern Europe Middle East & Africa $1.664 $0.715 $1.743 $0.864 $1.821 $1.037 $1.921 $1.228 $2.033 $1.430 $ % $ % Worldwide $ $ $ $ $ $ % Note: excludes travel and event tickets Total Retail Sales Growth Worldwide, by Region, % change Middle East & Africa 12.4% 20.9% 20.0% 18.3% 16.5% 15.5% Asia-Pacific 9.2% 8.3% 8.2% 7.8% 7.4% 6.7% Latin America 5.5% 5.2% 5.0% 5.1% 5.6% 5.5% Central & Eastern Europe 11.3% 4.7% 4.5% 5.5% 5.8% 5.5% North America 3.7% 3.2% 3.4% 3.4% 3.3% 3.3% Western Europe 1.1% 1.0% 0.9% 1.0% 1.0% 1.0% Worldwide 6.1% 5.6% 5.6% 5.6% 5.5% 5.3% Note: excludes travel and event tickets Total Retail Sales Share Worldwide, by Region, % of total Asia-Pacific 37.1% 38.1% 39.0% 39.8% 40.5% 41.1% North America 23.9% 23.3% 22.8% 22.4% 21.9% 21.5% Western Europe 19.7% 18.9% 18.0% 17.2% 16.5% 15.8% Latin America 8.1% 8.1% 8.1% 8.0% 8.0% 8.1% Central & Eastern Europe 7.8% 7.7% 7.7% 7.7% 7.7% 7.7% Middle East & Africa 3.4% 3.8% 4.4% 4.9% 5.4% 5.9% Note: excludes travel and event tickets Note that emarketer includes sales across all retail channels in its estimates for total retail. This includes sales from ecommerce retailers and transactions that occur over consumer-to-consumer (C2C) platforms such as ebay and other auction sites; the sale, maintenance and repair of motor vehicles; and the sale of automotive fuel. Travel sales, event tickets and restaurants are excluded from emarketer s forecast. emarketer anticipates worldwide retail sales will grow by 5.6% this year, down from 6.1% in This comes as a result of long-standing drops in retail gas prices, caused by continued high levels of oil production. In addition, China s economic slowdown, which has not had a significant impact on domestic retail sales, has had profound spillover effects across countries that rely heavily on commodity exports to China, such as Indonesia and Brazil. Global retail sales are expected to rise between 2015 and 2019, but at a slower pace. Asia-Pacific will remain the largest regional retail market in the world, with $8.573 trillion in sales in 2015, representing over 38% of the total worldwide retail economy. The burgeoning consumer economies in China, India and Indonesia will drive retail sales over the next four years as disposable incomes in the countries continue to rise. Retail sales in North America and Western Europe will generate 42.2% of the worldwide total this year, or $5.254 trillion and $4.249 trillion, respectively. emarketer projects annual retail growth of about 3.3% in North America through 2019, while growth in Western Europe will remain relatively flat at around 1.0% annually through the end of the forecast. WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 3

5 Latin America will remain the fourth-largest region in terms of total retail sales, just ahead of Central and Eastern Europe. Retail sales will total $1.828 trillion in 2015, or 8.1% of the worldwide total. The slowing economy in Brazil, the region s largest retail market, has slightly hurt overall growth projections. emarketer anticipates retail sales growth in Latin America will slip to 5.2% this year from 5.5% in 2014, and fall to 5.0% in Total retail sales in Central and Eastern Europe will reach $1.743 trillion in Although the region had shown considerable resilience to political and economic difficulties in 2014, emarketer expects a sharp drop in retail sales growth in 2015, and growth will gradually slow in the coming years, especially as the turmoil in Russia deepens. Total retail sales in the Middle East and Africa will hit $864 billion in 2015, up 20.9% from the previous year. emarketer predicts double-digit retail sales growth in the region through at least WORLDWIDE RETAIL ECOMMERCE SALES Global retail ecommerce sales including online and mobile commerce will reach nearly $1.671 trillion in 2015, accounting for 7.4% of total retail spending. By 2019, emarketer expects worldwide online sales will more than double to $3.578 trillion, making up 12.8% of total retail spending. Retail Ecommerce Sales Worldwide, by Region, billions Asia-Pacific $ $ $1, $1, $1, $2, North America Western Europe Central & Eastern Europe Latin America Middle East & $ $ $42.60 $33.35 $11.44 $ $ $52.38 $40.98 $14.69 $ $ $62.55 $49.83 $18.67 $ $ $74.08 $59.81 $23.33 $ $ $85.60 $68.94 $28.60 $ $ $98.74 $79.74 $34.69 Africa Worldwide $1, $1, $2, $2, $3, $3, and event tickets Retail Ecommerce Sales Growth Worldwide, by Region, % change Asia-Pacific Middle East & Africa Central & Eastern Europe Latin America North America Western Europe Worldwide % 28.4% 23.6% 26.1% 14.6% 14.8% 26.3% % 28.5% 23.0% 22.9% 14.4% 13.3% 25.1% % 27.1% 19.4% 21.6% 13.1% 10.5% 22.7% % 24.9% 18.4% 20.0% 12.3% 9.8% 21.9% % 22.6% 15.6% 15.3% 11.7% 8.4% 20.7% % 21.3% 15.3% 15.7% 11.2% 7.3% 18.7% and event tickets Retail Ecommerce Sales as a Percent of Total Retail Sales Worldwide, by Region, Asia-Pacific 8.2% 10.2% 12.4% 14.9% 17.6% 20.4% Western Europe 6.7% 7.5% 8.2% 8.9% 9.6% 10.2% North America 6.3% 7.0% 7.7% 8.3% 9.0% 9.7% Central & Eastern Europe 2.6% 3.0% 3.4% 3.9% 4.2% 4.6% Latin America 1.9% 2.2% 2.6% 3.0% 3.2% 3.5% Middle East & Africa 1.6% 1.7% 1.8% 1.9% 2.0% Worldwide 6.3% 7.4% 8.6% 9.9% 11.4% 12.8% and event tickets Asia-Pacific is the largest retail ecommerce market, with sales expected to top $877 billion in 2015, accounting for more than half of global sales. The region will also see the fastest gains worldwide, climbing more than twofold to $2.336 trillion at the end of the forecast period. Rapid growth in the number of internet users buying digitally for the first time, as well as the increasing disposable incomes in China, India and Indonesia, are fueling the majority of the region s growth. Retail ecommerce sales in North America will rise 14.4% this year to reach $ billion, largely due to increased spending from existing digital shoppers. The region will see consistent double-digit growth through 2019, fueled by expanding online categories, increased average order values and growing mcommerce sales. Much like North America, retail ecommerce sales growth in Western Europe will come from existing digital shoppers. Consumers will spend $ billion on retail ecommerce transactions in 2015, representing 7.5% of the region s total retail market. WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 4

6 There is considerable room for growth for retail ecommerce sales in Central and Eastern Europe, Latin America and the Middle East and Africa, as ecommerce represents a tiny fraction of total retail sales in each region figures equal to or less than 3.0% in Improvements made to ecommerce shipping and payment systems, along with expanding digital audiences, will help drive growth over the forecast period. DIGITAL BUYERS This year, 1.46 billion internet users ages 14 and older 51.5% of internet users worldwide and 24.3% of the population will make at least one purchase via a digital channel. Digital Buyers Worldwide, by Region, Digital buyers (millions) Asia-Pacific Western Europe North America Middle East & Africa Latin America Central & Eastern Europe Worldwide , , , , , , , ,068.7 Digital buyer growth (% change) Asia-Pacific Latin America Middle East & Africa Central & Eastern Europe North America Western Europe Worldwide 14.9% 22.3% 16.0% 11.6% 4.7% 5.2% 12.3% 15.4% 11.4% 11.4% 7.5% 4.3% 4.2% 11.0% 14.2% 9.6% 11.5% 5.0% 4.1% 3.1% 10.1% 13.5% 8.1% 11.7% 4.2% 3.7% 2.4% 9.6% 11.2% 7.4% 11.8% 3.6% 2.9% 8.4% 11.2% 5.6% 9.8% 3.4% 1.8% 8.1% tablet purchases; numbers may not add up to total due to rounding Digital Buyer Share Worldwide, by Region, % of total Asia-Pacific 46.7% 48.6% 50.4% 52.2% 53.6% 55.1% Western Europe 14.5% 13.6% 12.8% 11.9% 11.2% 10.6% North America 13.8% 13.0% 12.3% 11.6% 11.0% 10.4% Middle East & Africa 9.7% 9.8% 9.9% 10.1% 10.4% 10.5% Latin America 7.9% 7.9% 7.9% 7.8% 7.7% 7.5% Central & Eastern Europe 7.3% 7.1% 6.8% 6.4% 6.1% 5.9% tablet purchases; numbers may not add up to 100% due to rounding Digital Buyer Penetration Worldwide, by Region, Digital buyer penetration (% of internet users) North America 73.7% 74.9% 76.3% 77.6% 78.7% 79.6% Western Europe 71.6% 73.1% 74.0% 74.9% 75.8% 76.4% Asia-Pacific 48.3% 51.4% 54.8% 58.0% 60.0% 62.0% Central & Eastern Europe 43.4% 44.3% 44.4% 44.6% 44.6% 44.7% Latin America 40.4% 41.6% 42.6% 43.7% 44.5% 45.1% Middle East & Africa 33.1% 34.0% 35.0% 36.0% 37.0% 37.6% Worldwide 49.6% 51.5% 53.4% 55.2% 56.5% 57.6% Digital buyer penetration (% of population) North America 62.3% 64.4% 66.4% 68.2% 69.5% 70.3% Western Europe 54.1% 56.1% 57.6% 58.8% 59.9% 60.8% Central & Eastern Europe 26.9% 28.9% 30.4% 31.6% 32.5% 33.5% Latin America 22.6% 24.8% 26.8% 28.5% 30.3% 31.6% Asia-Pacific 19.7% 22.5% 25.4% 28.5% 31.4% 34.7% Middle East & Africa 9.5% 10.3% 11.3% 12.3% 13.5% 14.5% Worldwide 22.2% 24.3% 26.4% 28.6% 30.6% 32.8% tablet purchases The number of digital buyers worldwide will increase 11.0% year on year in 2015 and will continue to climb steadily throughout our forecast period, fueled by new internet users in Asia-Pacific, Latin America, and the Middle East and Africa making digital purchases for the first time. There will be 95 million new digital buyers in Asia-Pacific by the end of 2015, reaching a total of million, accounting for nearly half of all digital buyers worldwide. What s more impressive, digital buyers in the region will still only account for 51.4% of its internet user base and 22.5% of its population, leaving much room for growth over the forecast period. WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 5

7 Internet users in North America and Western Europe are more likely than those in other regions to make a digital purchase. Nearly three out of four internet users in North America (74.9%) and Western Europe (73.1%) will be digital buyers in These two regions are also the only ones where a majority of the overall population regularly buys online. Slight revisions have been made to the July 2015 emarketer worldwide retail ecommerce sales forecast. For complete analysis and trends by region and country, please see emarketer s Worldwide Retail Ecommerce: The emarketer Forecast for WHAT HAS CHANGED SINCE OUR JULY 2015 FORECAST? emarketer has lowered its projections for worldwide retail sales growth as a result of declining gas prices that are weakening retail sales in many oil-producing countries such as the US and the UK. Slower retail growth is also expected in Indonesia, Japan and Brazil where the economic outlook is wavering in each country. Indonesia s economy, which is heavily reliant on exports to China, is feeling the impact of China s economic slump in 2015, while Japan s economy is slowing as a result of its aging population. Brazil has been hit hard by rising unemployment and high inflation, as well as the spillover effect from China s slowdown. Contributing to these factors is new data pointing to lower retail sales in Germany, France, Italy and the Netherlands. emarketer has slightly revised its forecast for worldwide retail ecommerce sales upward between 2016 and 2019, due to increases stemming from Asia-Pacific, Western Europe and Central and Eastern Europe. Faster growth is expected in India and Russia as major ecommerce players in each country have reported strong performance and high growth expectations. In addition, increases stemming from Italy and the Netherlands will make small contributions to the global total. emarketer has raised its estimates for worldwide digital buyers for each year of our forecast period. In 2015, estimates have been revised upward since the July forecast, primarily due to new data pointing to larger-than-expected audiences in China, Indonesia and countries included in the other group in Latin America. Behind the Numbers emarketer s forecasts and estimates are based on an analysis of quantitative and qualitative data from research firms, government agencies, media firms and public companies, plus interviews with top executives at publishers, ad buyers and agencies. Data is weighted based on methodology and soundness. Each emarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a wide variety of areas. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends and economic changes. Meanwhile, we have increased our projections for retail sales growth in Mexico as the country benefits from GDP growth. Retail sales estimates for Russia have also been revised upward in 2014 and the first half of 2015 as a result of new data pointing to higher-than-expected sales, though the country has entered a slowdown that is expected to continue through the remainder of the forecast. Although these upward revisions have offset some of the declines, the net result is a decrease of $ billion in worldwide retail sales in WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 6

8 COMPLETE FORECAST The following is emarketer s complete set of charts associated with our 2015 updated forecast of worldwide retail ecommerce sales. RETAIL SALES Total Retail Sales Worldwide, by Region, trillions and CAGR CAGR ( ) Asia-Pacific $7.915 $8.573 $9.276 $ $ $ % North America $5.090 $5.254 $5.431 $5.615 $5.799 $ % Western Europe $4.207 $4.249 $4.289 $4.330 $4.375 $ % Latin America $1.737 $1.828 $1.920 $2.018 $2.131 $ % Central & Eastern Europe Middle East & Africa $1.664 $0.715 $1.743 $0.864 $1.821 $1.037 $1.921 $1.228 $2.033 $1.430 $ % $ % Worldwide $ $ $ $ $ $ % Note: excludes travel and event tickets Total Retail Sales Growth Worldwide, by Region, % change Middle East & Africa 12.4% 20.9% 20.0% 18.3% 16.5% 15.5% Asia-Pacific 9.2% 8.3% 8.2% 7.8% 7.4% 6.7% Latin America 5.5% 5.2% 5.0% 5.1% 5.6% 5.5% Central & Eastern Europe 11.3% 4.7% 4.5% 5.5% 5.8% 5.5% North America 3.7% 3.2% 3.4% 3.4% 3.3% 3.3% Western Europe 1.1% 1.0% 0.9% 1.0% 1.0% 1.0% Worldwide 6.1% 5.6% 5.6% 5.6% 5.5% 5.3% Note: excludes travel and event tickets Total Retail Sales Share Worldwide, by Region, % of total Asia-Pacific 37.1% 38.1% 39.0% 39.8% 40.5% 41.1% North America 23.9% 23.3% 22.8% 22.4% 21.9% 21.5% Western Europe 19.7% 18.9% 18.0% 17.2% 16.5% 15.8% Latin America 8.1% 8.1% 8.1% 8.0% 8.0% 8.1% Central & Eastern Europe 7.8% 7.7% 7.7% 7.7% 7.7% 7.7% Middle East & Africa 3.4% 3.8% 4.4% 4.9% 5.4% 5.9% Note: excludes travel and event tickets Total Retail Sales Worldwide, by Country, billions US* China** Japan Germany India France Russia UK*** Brazil Italy Canada Mexico South Korea Spain Australia Argentina Indonesia Netherlands Sweden Norway Denmark Finland 2014 $4, $3, $1, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $93.29 $73.90 $ $4, $4, $1, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $95.63 $75.31 $ $4, $4, $1, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $98.30 $76.89 $ $5, $5, $1, $ $1, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $78.58 $ $5, $5, $1, $ $1, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $80.39 $66.91 Note: excludes travel and event tickets; *forecast from Aug 2015; **excludes Hong Kong; ***forecast from Sep WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 7

9 Total Retail Sales Growth Worldwide, by Country, % change Argentina 22.3% 20.4% 13.0% 10.0% 9.0% 8.3% India 13.0% 14.0% 15.0% 15.0% 15.0% 14.0% China* 12.2% 11.0% 10.0% 9.0% 8.0% 7.0% Mexico 3.0% 7.9% 6.5% 6.3% 6.3% 6.3% Russia 11.3% 4.5% 4.4% 4.7% 5.4% 5.0% US** 3.7% 3.3% 3.5% 3.5% 3.4% 3.4% Australia 3.2% 3.1% 3.0% 3.0% 2.9% 2.5% Sweden 3.0% 3.0% 3.2% 3.0% 3.1% 2.8% UK*** 4.4% 2.7% 2.2% 2.0% 1.9% 1.7% Norway 2.0% 2.5% 2.8% 3.0% 3.2% 3.4% Canada 4.6% 2.5% 2.0% Indonesia 13.7% 2.0% 4.3% 7.3% 7.0% 7.0% Denmark 1.7% 1.9% 2.2% 2.3% 2.4% South Korea 1.8% 1.8% 1.6% 1.5% 1.5% 1.2% France 1.5% 1.2% 1.0% 0.8% 0.6% 0.4% Netherlands 0.5% 1.0% 1.3% 1.4% 1.6% 1.8% Germany 1.3% 0.9% 0.8% 0.7% 0.7% 0.6% Finland 0.0% 0.3% 1.0% 1.2% 1.3% 1.4% Japan 1.7% 0.3% 0.6% 0.8% 0.8% 0.8% Spain -0.4% 0.0% 0.1% 0.1% 0.4% 0.7% Italy -3.0% -1.5% -1.3% -0.5% 0.1% 0.5% Brazil 8.3% -3.6% - 0.1% 2.0% 2.0% Note: excludes travel and event tickets; *excludes Hong Kong; **forecast from Aug 2015; ***forecast from Sep Total Retail Sales Share Worldwide, by Country, % of total US* 21.7% 21.3% 20.8% 20.4% 20.0% 19.6% China** 17.9% 18.8% 19.6% 20.2% 20.7% 21.0% Japan 6.3% 5.9% 5.7% 5.4% 5.2% 4.9% Germany 4.0% 3.8% 3.6% 3.5% 3.3% 3.2% India 3.4% 3.6% 4.0% 4.3% 4.7% 5.1% France 3.5% 3.4% 3.2% 3.1% 2.9% 2.8% Russia 3.2% 3.2% 3.1% 3.1% 3.1% 3.1% UK*** 3.1% 3.0% 3.0% 2.9% 2.8% 2.7% Brazil 3.1% 2.8% 2.6% 2.5% 2.4% 2.3% Canada 2.0% 1.9% 1.9% 1.8% Italy 2.3% 2.0% 1.8% 1.8% 1.7% Mexico 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% South Korea 1.6% 1.5% 1.5% 1.4% 1.4% 1.3% Australia 1.5% 1.4% 1.4% 1.4% 1.3% 1.3% Spain 1.5% 1.4% 1.4% 1.3% 1.2% 1.2% Argentina 1.0% 1.2% 1.3% 1.3% 1.4% 1.4% Indonesia 1.1% 1.0% 1.0% 1.1% 1.1% 1.1% Netherlands 0.9% 0.9% 0.8% 0.8% 0.8% 0.7% Sweden 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% Norway 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% Denmark 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% Finland 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% Note: excludes travel and event tickets; *forecast from Aug 2015; **excludes Hong Kong; ***forecast from Sep Total Retail Sales in Asia-Pacific, by Country, Total retail sales (billions) China* Japan India South Korea Australia Indonesia Other Asia-Pacific $3, $1, $ $ $ $ $1, $7, $4, $1, $ $ $ $ $1, $8, $4, $1, $ $ $ $ $1, $9, $5, $1, $1, $ $ $ $1, $9, $5, $1, $1, $ $ $ $1, $10, Total retail sales growth (% change) India China* Australia Indonesia South Korea Japan Other Asia-Pacific 13.0% 12.2% 3.2% 13.7% 1.8% 1.7% 9.5% 9.2% 14.0% 11.0% 3.1% 2.0% 1.8% 0.3% 9.8% 8.3% 15.0% 10.0% 3.0% 4.3% 1.6% 0.6% 9.7% 8.2% 15.0% 9.0% 3.0% 7.3% 1.5% 0.8% 8.5% 7.8% 15.0% 8.0% 2.9% 7.0% 1.5% 0.8% 8.1% 7.4% Note: excludes travel and event tickets; numbers may not add up to total due to rounding; *excludes Hong Kong WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 8

10 Total Retail Sales in Central & Eastern Europe, by Country, Total retail sales (billions) Russia Other Central & Eastern Europe $ $ $ $1, $ $1, $ $1, $ $1, $1, $1, $1, $1, $2, Total retail sales growth (% change) Russia Other Central & Eastern Europe 11.3% 11.4% 11.3% 4.5% 4.9% 4.7% 4.4% 4.5% 4.5% 4.7% 6.1% 5.5% % 6.1% 5.8% Total retail sales share (% of worldwide retail sales) Russia Other Central & Eastern Europe 3.2% 4.6% 7.8% 3.2% 4.6% 7.7% 3.1% 4.5% 7.7% 3.1% 4.5% 7.7% 3.1% 4.6% 7.7% Note: excludes travel and event tickets Total Retail Sales in the Middle East & Africa, billions, % change and % of worldwide retail sales $ % 1.6% $ % 1.7% $1, % 1.8% $1, % 1.9% $1, % 2.0% $1, % Total retail sales % change % of worldwide retail sales Note: excludes travel and event tickets Source: emarketer, July 2015; confirmed and republished, Dec Total Retail Sales in Latin America, by Country, Total retail sales (billions) Brazil Mexico Argentina Other Latin America $ $ $ $ $1, $ $ $ $ $1, $ $ $ $ $1, $ $ $ $ $2, $ $ $ $ $2, Total retail sales growth (% change) Argentina Mexico Brazil Other Latin America 22.3% 3.0% 8.3% - 5.5% 20.4% 7.9% -3.6% 8.1% 5.2% 13.0% 6.5% - 8.3% 5.0% 10.0% 6.3% 0.1% 6.9% 5.1% 9.0% 6.3% 2.0% 6.9% 5.6% Total retail sales share (% of worldwide retail sales) Brazil Mexico Argentina Other Latin America 3.1% 1.7% 1.0% 2.3% 8.1% 2.8% 1.8% 1.2% 2.4% 8.1% 2.6% 1.8% 1.3% 2.5% 8.1% 2.5% 1.8% 1.3% 2.5% 8.0% 2.4% 1.8% 1.4% 2.5% 8.0% Note: excludes travel and event tickets; numbers may not add up to total due to rounding Total Retail Sales in North America, by Country, Total retail sales (billions) US* Canada $4, $ $4, $ $4, $ $5, $ $5, $ North America $5, $5, $5, $5, $5, Total retail sales growth (% change) US* Canada North America 3.7% 4.6% 3.7% 3.3% 2.5% 3.2% 3.5% 3.4% 3.5% 3.4% 3.4% 3.3% Total retail sales share (% of worldwide retail sales) US* Canada North America 21.7% 23.9% 21.3% 23.3% 20.8% 2.0% 22.8% 20.4% 1.9% 22.4% 20.0% 1.9% 21.9% Note: excludes travel and event tickets; numbers may not add up to total due to rounding; *forecast from Aug WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 9

11 Total Retail Sales in Western Europe, by Country, Total retail sales (billions) Germany France UK* Italy Spain Netherlands Sweden Norway Denmark Finland Other $ $ $ $ $ $ $ $93.29 $73.90 $64.46 $ $ $ $ $ $ $ $ $95.63 $75.31 $64.65 $ Western Europe $4, $4, $4, $4, $4, Total retail sales growth (% change) Sweden UK* Norway Denmark France Netherlands Germany Finland Spain Italy Other Western Europe 3.0% 4.4% 2.0% 1.7% 1.5% 0.5% 1.3% 0.0% -0.4% -3.0% 1.0% 1.1% 3.0% 2.7% 2.5% 1.9% 1.2% 1.0% 0.9% 0.3% 0.0% -1.5% 0.9% 1.0% $ $ $ $ $ $ $ $98.30 $76.89 $65.30 $ % 2.2% 2.8% 1.0% 1.3% 0.8% 1.0% 0.1% -1.3% 0.8% 0.9% $ $ $ $ $ $ $ $ $78.58 $66.05 $ % 2.0% 3.0% 2.2% 0.8% 1.4% 0.7% 1.2% 0.1% -0.5% 0.8% 1.0% 2018 $ $ $ $ $ $ $ $ $80.39 $66.91 $ % 1.9% 3.2% 2.3% 0.6% 1.6% 0.7% 1.3% 0.4% 0.1% 0.9% 1.0% Total retail sales share (% of worldwide retail sales) Germany France UK* Italy Spain Netherlands Sweden Norway Denmark Finland Other Western Europe 4.0% 3.5% 3.1% 2.3% 1.5% 0.9% 0.6% 0.4% 0.3% 0.3% 2.7% 19.7% 3.8% 3.4% 3.0% 1.4% 0.9% 0.6% 0.4% 0.3% 0.3% 2.6% 18.9% 3.6% 3.2% 3.0% 2.0% 1.4% 0.8% 0.6% 0.4% 0.3% 0.3% 2.5% 18.0% 3.5% 3.1% 2.9% 1.8% % 0.6% 0.4% 0.3% 0.3% 2.4% 17.2% 3.3% 2.9% 2.8% 1.8% 1.2% 0.8% 0.5% 0.4% 0.3% 0.3% 2.3% 16.5% Note: excludes travel and event tickets; numbers may not add up to total due to rounding; *forecast from Sep RETAIL ECOMMERCE SALES Retail Ecommerce Sales Worldwide, trillions, % change and % of total retail sales $3.578 $ % $ % $ % $ % $ % 18.7% 6.3% 7.4% 8.6% 9.9% 11.4% 12.8% Retail ecommerce sales % change % of total retail sales and event tickets Retail Ecommerce Sales Worldwide, by Region, billions Asia-Pacific $ $ $1, $1, $1, $2, North America Western Europe Central & Eastern Europe Latin America Middle East & $ $ $42.60 $33.35 $11.44 $ $ $52.38 $40.98 $14.69 $ $ $62.55 $49.83 $18.67 $ $ $74.08 $59.81 $23.33 $ $ $85.60 $68.94 $28.60 $ $ $98.74 $79.74 $34.69 Africa Worldwide $1, $1, $2, $2, $3, $3, and event tickets WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 10

12 Retail Ecommerce Sales Growth Worldwide, by Region, % change Asia-Pacific Middle East & Africa Central & Eastern Europe Latin America North America Western Europe Worldwide % 28.4% 23.6% 26.1% 14.6% 14.8% 26.3% % 28.5% 23.0% 22.9% 14.4% 13.3% 25.1% % 27.1% 19.4% 21.6% 13.1% 10.5% 22.7% % 24.9% 18.4% 20.0% 12.3% 9.8% 21.9% % 22.6% 15.6% 15.3% 11.7% 8.4% 20.7% % 21.3% 15.3% 15.7% 11.2% 7.3% 18.7% and event tickets Retail Ecommerce Sales as a Percent of Total Retail Sales Worldwide, by Region, Asia-Pacific 8.2% 10.2% 12.4% 14.9% 17.6% 20.4% Western Europe 6.7% 7.5% 8.2% 8.9% 9.6% 10.2% North America 6.3% 7.0% 7.7% 8.3% 9.0% 9.7% Central & Eastern Europe 2.6% 3.0% 3.4% 3.9% 4.2% 4.6% Latin America 1.9% 2.2% 2.6% 3.0% 3.2% 3.5% Middle East & Africa 1.6% 1.7% 1.8% 1.9% 2.0% Worldwide 6.3% 7.4% 8.6% 9.9% 11.4% 12.8% and event tickets Retail Ecommerce Sales Worldwide, by Country, billions China* US** UK*** Japan Germany France South Korea Canada Brazil Australia Russia Spain India Italy Norway Netherlands Sweden Denmark Finland Mexico Argentina Indonesia 2014 $ $ $86.81 $78.55 $55.21 $38.34 $35.01 $22.98 $16.87 $17.40 $15.37 $13.95 $6.10 $11.27 $8.52 $8.08 $8.25 $7.82 $6.45 $4.38 $3.55 $ $ $ $99.39 $89.55 $61.84 $42.60 $38.86 $26.83 $19.49 $19.02 $18.86 $15.89 $14.00 $13.41 $9.61 $9.41 $9.39 $8.48 $6.86 $5.70 $4.96 $ $ $ $ $ $68.95 $46.10 $42.75 $30.82 $22.12 $20.66 $22.51 $17.93 $24.61 $14.74 $10.58 $10.33 $10.36 $9.15 $7.24 $7.24 $6.85 $ $1, $ $ $ $76.47 $49.68 $46.59 $35.08 $24.66 $22.31 $26.42 $19.96 $39.45 $15.98 $11.54 $11.22 $11.38 $9.83 $7.56 $9.04 $8.84 $ $1, $ $ $ $82.58 $53.23 $50.55 $39.80 $27.13 $23.94 $30.39 $21.73 $55.26 $17.15 $12.44 $12.13 $12.32 $10.46 $7.84 $11.03 $10.60 $ $1, $ $ $ $87.54 $56.69 $54.14 $44.98 $29.65 $25.61 $34.86 $23.33 $68.47 $18.24 $13.27 $13.04 $13.23 $11.03 $8.09 $13.27 $12.38 $13.16 and event tickets; *excludes Hong Kong; **forecast from Aug 2015; ***forecast from Sep WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 11

13 Retail Ecommerce Sales Growth Worldwide, by Country, % change India 133.8% 129.5% 75.8% 60.3% 40.1% 23.9% Indonesia 75.3% 65.6% 64.3% 55.3% 32.9% 20.6% China* 48.6% % 32.6% 29.8% 25.8% Argentina 64.2% 40.0% 38.0% 29.0% 20.0% 16.8% Mexico 32.0% 30.0% 27.0% 25.0% 22.0% 20.3% Russia 23.5% 22.7% 19.3% 17.4% 15.0% 14.7% Italy 22.0% 19.0% 9.9% 8.4% 7.4% 6.3% Canada 17.4% 16.8% 14.9% 13.8% 13.5% 13.0% Brazil 24.0% 15.5% 13.5% 11.5% 10.0% 9.3% UK** 17.1% 14.5% 11.0% 10.0% 9.0% 8.3% US*** 14.4% 14.2% 13.0% 12.2% 11.6% 11.0% Japan 17.2% 14.0% 12.0% 11.0% 10.0% 9.5% Spain 12.0% 13.9% 12.8% 11.4% 8.8% 7.4% Sweden 14.8% 13.7% 10.4% 9.8% 8.3% 7.4% Norway 13.1% 12.8% 10.1% 9.1% 7.8% 6.7% Germany 15.0% 12.0% 11.5% 10.9% 8.0% 6.0% France % 8.2% 7.8% 7.1% 6.5% South Korea 15.2% 11.0% 10.0% 9.0% 8.5% 7.1% Netherlands 14.0% 16.4% 9.8% 8.6% 8.1% 7.5% Australia 17.3% 9.3% 8.6% 8.0% 7.3% 7.0% Denmark 9.3% 8.4% 8.0% 7.3% 6.4% 5.5% Finland 7.6% 6.4% 5.5% 4.5% 3.7% 3.2% and event tickets; *excludes Hong Kong; **forecast from Sep 2015; ***forecast from Aug Retail Ecommerce Sales as a Percent of Total Retail Sales in Select Countries, China* 12.4% 15.9% 19.6% 23.8% 28.6% 33.6% UK** 13.0% 14.5% 15.7% 17.0% 18.1% 19.3% Denmark 10.6% 11.3% 11.9% 12.5% 13.0% 13.4% South Korea 10.3% 11.2% % 13.9% 14.7% Finland 10.0% 10.6% 11.1% 11.4% 11.7% 11.9% Norway 9.1% 10.0% 10.8% 11.4% 11.9% 12.3% Germany 6.5% 7.2% 8.0% 8.8% 9.4% 9.9% US*** 6.4% 7.1% 7.8% 8.4% 9.1% 9.8% Sweden 6.4% 7.1% 7.6% 8.1% 8.5% 8.9% Japan 5.9% 6.7% 7.5% 8.2% 9.0% 9.7% Australia 5.6% 5.9% 6.3% 6.6% 6.9% 7.2% Canada 5.0% 5.7% 6.4% 7.2% 8.0% 8.8% France 5.1% 5.6% 6.0% 6.5% 6.9% 7.3% Spain 4.3% 5.0% 5.6% 6.2% 6.7% 7.2% Netherlands 4.2% 4.8% 5.2% 5.6% 6.0% 6.3% Brazil 2.6% 3.1% 3.6% 4.0% 4.3% 4.6% Italy 2.3% 2.8% 3.2% 3.4% 3.7% 3.9% Russia 2.2% 2.6% 3.0% 3.4% 3.7% 4.0% Argentina 1.6% 1.9% 2.3% 2.7% 2.9% 3.2% India 0.8% 1.7% 2.6% 3.6% 4.4% 4.8% Indonesia 0.8% 1.4% 2.2% 3.1% 3.9% 4.4% Mexico 1.2% 1.4% 1.7% 2.0% 2.3% 2.6% and event tickets; *excludes Hong Kong; **forecast from Sep 2015; ***forecast from Aug WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 12

14 Retail Ecommerce Sales Share Worldwide, by Country, % of total China* 35.4% 40.2% 44.4% 48.4% 52.0% 55.1% US** 22.3% 20.4% 18.8% 17.3% 16.0% 15.0% UK*** 6.5% 5.9% 5.4% 4.9% 4.4% 4.0% Japan 5.9% 5.4% 4.9% 4.5% 4.1% 3.7% Germany 4.1% 3.7% 3.4% 3.1% 2.7% 2.4% France 2.9% 2.5% 2.2% 2.0% 1.8% 1.6% South Korea 2.6% 2.3% 1.9% 1.7% 1.5% Canada 1.7% 1.6% 1.5% 1.4% 1.3% 1.3% Brazil 1.3% 1.2% 1.1% 1.0% 0.9% 0.8% Russia 1.2% 1.1% 1.1% 1.1% 1.0% 1.0% Australia 1.3% 1.1% 1.0% 0.9% 0.8% 0.7% Spain 1.0% 1.0% 0.9% 0.8% 0.7% 0.7% India 0.5% 0.8% 1.2% 1.6% 1.8% 1.9% Italy 0.8% 0.8% 0.7% 0.6% 0.6% 0.5% Norway 0.6% 0.6% 0.5% 0.5% 0.4% 0.4% Sweden 0.6% 0.6% 0.5% 0.5% 0.4% 0.4% Netherlands 0.6% 0.6% 0.5% 0.4% 0.4% 0.4% Denmark 0.6% 0.5% 0.4% 0.4% 0.3% 0.3% Finland 0.5% 0.4% 0.4% 0.3% 0.3% 0.2% Mexico 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% Argentina 0.3% 0.3% 0.3% 0.4% 0.4% 0.3% Indonesia 0.1% 0.2% 0.3% 0.3% 0.4% 0.4% and event tickets; *excludes Hong Kong; **forecast from Aug 2015; ***forecast from Sep Retail Ecommerce Sales in Select Countries in Asia-Pacific and Worldwide, billions China* Japan South Korea Australia India Indonesia Other Asia-Pacific Worldwide 2014 $ $78.55 $35.01 $17.40 $6.10 $1.94 $35.00 $ $1, $ $89.55 $38.86 $19.02 $14.00 $3.22 $40.95 $ $1, $ $ $42.75 $20.66 $24.61 $5.29 $47.37 $1, $2, $1, $ $46.59 $22.31 $39.45 $8.21 $52.22 $1, $2, $1, $ $50.55 $23.94 $55.26 $10.92 $60.55 $1, $3, and event tickets; *excludes Hong Kong Retail Ecommerce Sales Growth in Select Countries in Asia-Pacific and Worldwide, % change India 133.8% 129.5% 75.8% 60.3% 40.1% 23.9% Indonesia 75.3% 65.6% 64.3% 55.3% 32.9% 20.6% China* 48.6% % 32.6% 29.8% 25.8% Japan 17.2% 14.0% 12.0% 11.0% 10.0% 9.5% South Korea 15.2% 11.0% 10.0% 9.0% 8.5% 7.1% Australia 17.3% 9.3% 8.6% 8.0% 7.3% 7.0% Other 18.6% 17.0% 15.7% 10.2% 16.0% 11.9% Asia-Pacific 39.5% 35.7% 31.3% 29.2% 27.1% 23.5% Worldwide 26.3% 25.1% 22.7% 21.9% 20.7% 18.7% and event tickets; *excludes Hong Kong Retail Ecommerce Sales as a Percent of Total Retail Sales in Select Countries in Asia-Pacific and Worldwide, China* 12.4% 15.9% 19.6% 23.8% 28.6% 33.6% South Korea 10.3% 11.2% % 13.9% 14.7% Japan 5.9% 6.7% 7.5% 8.2% 9.0% 9.7% Australia 5.6% 5.9% 6.3% 6.6% 6.9% 7.2% India 0.8% 1.7% 2.6% 3.6% 4.4% 4.8% Indonesia 0.8% 1.4% 2.2% 3.1% 3.9% 4.4% Other 3.0% 3.2% 3.4% 3.4% 3.7% 3.8% Asia-Pacific 8.2% 10.2% 12.4% 14.9% 17.6% 20.4% Worldwide 6.3% 7.4% 8.6% 9.9% 11.4% 12.8% and event tickets; *excludes Hong Kong Retail Ecommerce Sales in Central & Eastern Europe, by Country, Retail ecommerce sales (billions) Russia $15.37 $18.86 $22.51 $26.42 $30.39 $34.86 Other $27.22 $33.52 $40.05 $47.66 $55.21 $63.89 Central & Eastern Europe $42.60 $52.38 $62.55 $74.08 $85.60 $98.74 Retail ecommerce sales growth (% change) Russia 23.5% 22.7% 19.3% 17.4% 15.0% 14.7% Other 23.6% 23.1% 19.5% 19.0% 15.9% 15.7% Central & Eastern Europe 23.6% 23.0% 19.4% 18.4% 15.6% 15.3% Retail ecommerce % of total retail sales Russia 2.2% 2.6% 3.0% 3.4% 3.7% 4.0% Other 2.8% 3.3% 3.7% 4.2% 4.6% 5.0% Central & Eastern Europe 2.6% 3.0% 3.4% 3.9% 4.2% 4.6% and event tickets; numbers may not add up to total due to rounding WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 13

15 Retail Ecommerce Sales in Latin America, by Country, Retail ecommerce sales (billions) Brazil $16.87 $19.49 $22.12 $24.66 $27.13 $29.65 Mexico $4.38 $5.70 $7.24 $9.04 $11.03 $13.27 Argentina $3.55 $4.96 $6.85 $8.84 $10.60 $12.38 Other $8.55 $10.83 $13.63 $17.27 $20.17 $24.44 Latin America $33.35 $40.98 $49.83 $59.81 $68.94 $79.74 Retail ecommerce sales growth (% change) Argentina 64.2% 40.0% 38.0% 29.0% 20.0% 16.8% Mexico 32.0% 30.0% 27.0% 25.0% 22.0% 20.3% Brazil 24.0% 15.5% 13.5% 11.5% 10.0% 9.3% Other 16.0% 26.6% 25.8% 26.7% 16.8% 21.1% Latin America 26.1% 22.9% 21.6% 20.0% 15.3% 15.7% Retail ecommerce % of total retail sales Brazil 2.6% 3.1% 3.6% 4.0% 4.3% 4.6% Argentina 1.6% 1.9% 2.3% 2.7% 2.9% 3.2% Mexico 1.2% 1.4% 1.7% 2.0% 2.3% 2.6% Other 1.7% 2.0% 2.3% 2.8% 3.0% 3.4% Latin America 1.9% 2.2% 2.6% 3.0% 3.2% 3.5% and event tickets Retail Ecommerce Sales in North America, by Country, Retail ecommerce sales (billions) US* $ $ $ $ $ $ Canada $22.98 $26.83 $30.82 $35.08 $39.80 $44.98 North America $ $ $ $ $ $ Retail ecommerce sales growth (% change) Canada 17.4% 16.8% 14.9% 13.8% 13.5% 13.0% US* 14.4% 14.2% 13.0% 12.2% 11.6% 11.0% North America 14.6% 14.4% 13.1% 12.3% 11.7% 11.2% Retail ecommerce % of total retail sales US* 6.4% 7.1% 7.8% 8.4% 9.1% 9.8% Canada 5.0% 5.7% 6.4% 7.2% 8.0% 8.8% North America 6.3% 7.0% 7.7% 8.3% 9.0% 9.7% and event tickets; *forecast from Aug Retail Ecommerce Sales in the Middle East & Africa, billions, % change and % of total retail sales $34.69 $28.60 $ % $ % $14.69 $ % 24.9% 22.6% 21.3% 1.6% 1.7% 1.8% 1.9% 2.0% Retail ecommerce sales % change % of total retail sales and event tickets Source: emarketer, July 2015; confirmed and republished, Dec WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 14

16 Retail Ecommerce Sales in Western Europe, by Country, Retail ecommerce sales (billions) UK* $86.81 $99.39 $ $ $ $ Germany $55.21 $61.84 $68.95 $76.47 $82.58 $87.54 France $38.34 $42.60 $46.10 $49.68 $53.23 $56.69 Spain $13.95 $15.89 $17.93 $19.96 $21.73 $23.33 Italy $11.27 $13.41 $14.74 $15.98 $17.15 $18.24 Norway $8.52 $9.61 $10.58 $11.54 $12.44 $13.27 Netherlands $8.08 $9.41 $10.33 $11.22 $12.13 $13.04 Sweden $8.25 $9.39 $10.36 $11.38 $12.32 $13.23 Denmark $7.82 $8.48 $9.15 $9.83 $10.46 $11.03 Finland $6.45 $6.86 $7.24 $7.56 $7.84 $8.09 Other $35.92 $41.01 $45.68 $50.94 $56.04 $61.02 Western Europe $ $ $ $ $ $ Retail ecommerce sales growth (% change) Italy 22.0% 19.0% 9.9% 8.4% 7.4% 6.3% Netherlands 14.0% 16.4% 9.8% 8.6% 8.1% 7.5% UK* 17.1% 14.5% 11.0% 10.0% 9.0% 8.3% Spain 12.0% 13.9% 12.8% 11.4% 8.8% 7.4% Sweden 14.8% 13.7% 10.4% 9.8% 8.3% 7.4% Norway 13.1% 12.8% 10.1% 9.1% 7.8% 6.7% Germany 15.0% 12.0% 11.5% 10.9% 8.0% 6.0% France % 8.2% 7.8% 7.1% 6.5% Denmark 9.3% 8.4% 8.0% 7.3% 6.4% 5.5% Finland 7.6% 6.4% 5.5% 4.5% 3.7% 3.2% Other 13.9% 14.2% 11.4% 11.5% 10.0% 8.9% Western Europe 14.8% 13.3% 10.5% 9.8% 8.4% 7.3% Retail ecommerce % of total retail sales UK* 13.0% 14.5% 15.7% 17.0% 18.1% 19.3% Denmark 10.6% 11.3% 11.9% 12.5% 13.0% 13.4% Finland 10.0% 10.6% 11.1% 11.4% 11.7% 11.9% Norway 9.1% 10.0% 10.8% 11.4% 11.9% 12.3% Germany 6.5% 7.2% 8.0% 8.8% 9.4% 9.9% Sweden 6.4% 7.1% 7.6% 8.1% 8.5% 8.9% France 5.1% 5.6% 6.0% 6.5% 6.9% 7.3% Spain 4.3% 5.0% 5.6% 6.2% 6.7% 7.2% Netherlands 4.2% 4.8% 5.2% 5.6% 6.0% 6.3% Italy 2.3% 2.8% 3.2% 3.4% 3.7% 3.9% Other 6.1% 6.9% 7.7% 8.5% 9.2% 10.0% Western Europe 6.7% 7.5% 8.2% 8.9% 9.6% 10.2% and event tickets; *forecast from Sep Retail Mcommerce Sales in China, Retail $ $ $ $ $1, $1, mcommerce sales (billions) % change % of retail ecommerce sales % of total 211.5% 38.1% 4.7% 85.1% 49.7% 7.9% 51.4% 55.5% 10.9% 45.7% 61.0% 14.5% 41.1% 66.3% 19.0% 35.7% 71.5% 24.0% retail sales Note: converted at the exchange rate of US$1=RMB6.15; includes products or services ordered using the internet via mobile devices, regardless of the method of payment or fulfillment; includes sales on tablets; excludes travel and event tickets; excludes Hong Kong Source: emarketer July 2015; confirmed and republished, Dec Retail Mcommerce Sales in South Korea, Retail mcommerce sales (billions) % change 2014 $ $ % 2016 $ % 2017 $ % 2018 $ % 2019 $ % % of retail ecommerce 32.9% sales 46.0% 50.2% 54.8% 59.8% 65.4% % of total retail sales 3.4% 5.1% 6.1% 7.1% 8.3% 9.6% Note: includes products or services ordered using the internet via mobile devices, regardless of the method of payment or fulfillment; includes sales on tablets; excludes travel and event tickets; converted at the exchange rate of US$1=KRW1, DIGITAL BUYERS AND SHOPPERS Digital Buyers Worldwide, billions and % change % % Digital buyers % 2016 % change % % % 2019 Note: CAGR ()=9.4%; ages 14+; internet users who have made at least one purchase via any digital channel during the calendar year, including online, mobile and tablet purchases WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 15

17 Digital Buyers Worldwide, by Country, millions China (1) US (2) India Japan Germany UK (3) Brazil Russia France South Korea Indonesia Canada Spain Italy Mexico Australia Argentina Netherlands Sweden Denmark Norway Finland Worldwide (4) 1, , , , , ,068.7 tablet purchases; (1) excludes Hong Kong; (2) forecast from Aug 2015; (3) forecast from Sep 2015; (4) includes countries not listed Digital Buyer Penetration Worldwide, by Country, % of internet users UK (1) 88.0% 88.6% 89.0% 89.3% 89.4% 89.7% Japan 81.3% 82.0% 82.5% 83.3% 83.7% 84.1% Denmark 81.3% 81.7% 82.0% 83.1% 84.0% 84.7% Germany 79.4% 80.8% 81.1% 81.5% % Australia 78.6% 79.4% 80.0% 80.5% 81.0% 81.4% Netherlands 77.0% 78.0% 79.3% 79.8% 80.2% 80.5% Sweden 76.8% 77.8% 78.7% 79.6% 79.7% 79.8% Norway 74.8% 76.8% 78.8% 80.9% 83.0% 84.5% US (2) 74.4% 75.6% 77.0% 78.4% 79.6% 80.5% France 69.7% 71.3% 71.8% 72.0% 72.5% 73.0% Finland 69.8% 71.1% 72.4% 73.8% 75.2% 76.7% Canada 67.8% 68.8% 69.8% 70.3% 71.3% 7 South Korea 61.2% 65.2% 68.4% 71.6% 74.5% 77.4% China (3) 60.1% 64.8% 69.8% 73.0% 74.7% 75.6% Spain 57.0% 60.0% 62.0% 64.0% 65.8% 67.3% Italy 46.3% 48.7% 51.0% 53.0% 54.7% 56.0% Argentina 47.4% 48.3% 49.0% 49.7% 50.1% 50.3% Russia 41.6% 42.5% 42.5% 42.5% 42.7% 42.9% Brazil 38.0% 40.3% 41.9% 43.7% 45.4% 46.6% India 30.3% 37.3% 43.8% 52.3% 58.0% 64.4% Mexico 31.3% 32.3% 33.3% 34.0% 34.9% 35.6% Indonesia 21.5% 29.5% 36.5% 43.5% 49.5% 55.5% Worldwide (4) 49.6% 51.5% 53.4% 55.2% 56.5% 57.6% tablet purchases; (1) forecast from Sep 2015; (2) forecast from Aug 2015; (3) excludes Hong Kong; (4) includes countries not listed WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 16

18 Digital Buyer Penetration Worldwide, by Country, % of population UK (1) 73.3% 75.0% 76.3% 77.4% 78.0% 78.5% Denmark 71.6% 72.8% 73.9% 74.9% 75.7% 76.3% Netherlands 67.8% 69.5% 70.6% 71.1% 71.4% 71.6% Norway 67.4% 69.2% 71.0% 72.9% 74.8% 76.2% Japan 67.3% 69.0% 70.3% 71.4% 72.2% 73.0% Sweden 66.1% 67.0% 67.8% 68.6% 68.6% 68.7% Germany 63.9% 66.2% 67.3% 68.3% 69.2% 69.8% US (2) 62.8% 65.0% 67.0% 68.9% 70.3% 71.1% Australia 63.1% 64.0% 64.7% 65.3% 65.8% 66.3% Finland 59.9% 61.7% 63.6% 65.4% 67.3% 69.1% Canada 57.0% 58.5% 59.8% 60.9% 62.2% 63.0% South Korea 54.1% 58.3% 61.7% 65.3% 68.6% 71.7% France 55.2% 57.4% 58.6% 59.5% 60.3% 61.1% Spain 39.6% 42.4% 44.4% 46.2% 47.7% 49.0% China (3) 32.7% 36.6% 40.7% 44.6% 48.1% 51.7% Argentina 31.0% 33.5% 34.6% 35.6% 36.3% 36.8% Italy 28.2% 30.0% 32.2% 33.7% 34.9% 35.9% Russia 25.4% 27.4% 28.8% 29.8% 30.7% 31.6% Brazil 21.0% 23.3% 25.3% 27.0% 28.4% 29.5% Mexico 16.2% 18.1% 20.0% 21.7% 23.4% 25.0% Indonesia 7.6% 11.6% 15.6% 20.2% 24.9% 30.1% India 6.0% 8.9% 12.0% 16.0% 19.8% 24.3% Worldwide (4) 22.2% 24.3% 26.4% 28.6% 30.6% 32.8% tablet purchases; (1) forecast from Sep 2015; (2) forecast from Aug 2015; (3) excludes Hong Kong; (4) includes countries not listed Digital Buyer Share Worldwide, by Country, % of total China* 28.3% 28.6% 29.1% 29.1% 29.1% 29.0% US** 12.5% 11.7% 11.1% 10.5% 10.0% 9.4% India 4.1% 5.6% 7.0% 8.7% 10.1% 11.6% Japan 5.7% 5.3% 4.9% 4.5% 4.2% 3.9% Germany 3.5% 3.2% 3.0% 2.7% 2.6% 2.4% UK*** 3.0% 2.8% 2.6% 2.4% 2.2% Brazil 2.5% 2.6% 2.6% 2.5% 2.5% 2.4% Russia 2.3% 2.3% 2.0% 1.9% 1.8% France 2.2% 2.0% 1.9% 1.8% 1.7% 1.6% South Korea 1.8% 1.7% 1.7% 1.6% 1.6% 1.5% Indonesia 1.1% 1.5% 1.9% 2.3% 2.6% 3.0% Canada 1.3% 1.2% 1.2% 1.1% 1.0% 1.0% Spain 1.2% 1.2% 1.1% 1.1% 1.1% 1.0% Mexico 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% Italy 1.1% 1.1% 1.1% 1.0% 1.0% 0.9% Australia 0.9% 0.8% 0.8% 0.7% 0.7% 0.6% Argentina 0.8% 0.8% 0.7% 0.7% 0.7% 0.6% Netherlands 0.7% 0.7% 0.6% 0.6% 0.5% 0.5% Sweden 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% Denmark 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% Finland 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% Norway 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% tablet purchases; *excludes Hong Kong; **forecast from Aug 2015; ***forecast from Sep WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 17

19 Digital Buyer Growth Worldwide, by Country, % change Indonesia 84.1% 54.1% 36.9% 31.1% 24.9% 22.3% India 75.3% 52.0% 36.9% 36.0% 25.7% 24.5% Mexico 23.8% 13.4% 12.4% 9.7% 9.5% 8.1% Brazil 15.4% 12.6% 10.1% 8.0% 6.6% 5.2% China (1) 11.7% 12.3% 11.8% 9.9% 8.2% 7.8% Argentina 12.6% 9.3% 4.4% 4.1% 3.2% 2.6% South Korea 6.5% 8.4% 6.4% 6.1% 5.3% 4.8% Spain 8.7% 7.9% 5.7% 4.9% 4.2% 3.6% Russia 11.9% 7.5% 4.7% 3.2% 3.0% 2.8% Italy 9.2% 6.8% 7.8% 4.8% 3.8% 2.9% France 5.0% 4.5% 2.6% 1.9% 1.9% 1.7% US (2) 4.8% 4.4% 4.2% 3.8% 2.9% 2.0% Canada 4.0% 4.0% 2.9% 3.1% 3.0% 2.5% Norway 4.2% 4.0% 3.8% 3.7% 3.6% 2.8% Germany 5.2% 3.4% 1.6% 1.3% 1.1% 0.9% Finland 3.3% 3.2% 3.0% 2.9% 2.9% 2.8% Netherlands 3.7% 3.1% 2.2% 1.3% 1.0% 0.8% UK (3) 3.3% 2.9% 2.3% 2.0% 1.3% 1.3% Japan 3.5% 2.7% 1.8% 1.5% 1.0% 0.9% Australia 3.7% 2.6% 2.3% 2.0% 1.9% 1.8% Denmark 2.4% 2.0% 1.7% 1.4% 1.2% Sweden 2.5% 1.9% 1.9% 1.8% 0.8% 0.7% Worldwide (4) 12.3% 11.0% 10.1% 9.6% 8.4% 8.1% tablet purchases; (1) excludes Hong Kong; (2) forecast from Aug 2015; (3) forecast from Sep 2015; (4) includes countries not listed Digital Buyers Worldwide, by Region, Digital buyers (millions) Asia-Pacific Western Europe North America Middle East & Africa Latin America Central & Eastern Europe Worldwide , , , , , , , ,068.7 Digital buyer growth (% change) Asia-Pacific Latin America Middle East & Africa Central & Eastern Europe North America Western Europe Worldwide 14.9% 22.3% 16.0% 11.6% 4.7% 5.2% 12.3% 15.4% 11.4% 11.4% 7.5% 4.3% 4.2% 11.0% 14.2% 9.6% 11.5% 5.0% 4.1% 3.1% 10.1% 13.5% 8.1% 11.7% 4.2% 3.7% 2.4% 9.6% 11.2% 7.4% 11.8% 3.6% 2.9% 8.4% 11.2% 5.6% 9.8% 3.4% 1.8% 8.1% tablet purchases; numbers may not add up to total due to rounding Digital Buyer Share Worldwide, by Region, % of total Asia-Pacific 46.7% 48.6% 50.4% 52.2% 53.6% 55.1% Western Europe 14.5% 13.6% 12.8% 11.9% 11.2% 10.6% North America 13.8% 13.0% 12.3% 11.6% 11.0% 10.4% Middle East & Africa 9.7% 9.8% 9.9% 10.1% 10.4% 10.5% Latin America 7.9% 7.9% 7.9% 7.8% 7.7% 7.5% Central & Eastern Europe 7.3% 7.1% 6.8% 6.4% 6.1% 5.9% tablet purchases; numbers may not add up to 100% due to rounding WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 18

20 Digital Buyer Penetration Worldwide, by Region, 2014 Digital buyer penetration (% of internet users) North America 73.7% 74.9% 76.3% 77.6% 78.7% 79.6% Western Europe 71.6% 73.1% 74.0% 74.9% 75.8% 76.4% Asia-Pacific 48.3% 51.4% 54.8% 58.0% 60.0% 62.0% Central & Eastern Europe 43.4% 44.3% 44.4% 44.6% 44.6% 44.7% Latin America 40.4% 41.6% 42.6% 43.7% 44.5% 45.1% Middle East & Africa 33.1% 34.0% 35.0% 36.0% 37.0% 37.6% Worldwide 49.6% 51.5% 53.4% 55.2% 56.5% 57.6% Digital buyer penetration (% of population) North America 62.3% 64.4% 66.4% 68.2% 69.5% 70.3% Western Europe 54.1% 56.1% 57.6% 58.8% 59.9% 60.8% Central & Eastern Europe 26.9% 28.9% 30.4% 31.6% 32.5% 33.5% Latin America 22.6% 24.8% 26.8% 28.5% 30.3% 31.6% Asia-Pacific 19.7% 22.5% 25.4% 28.5% 31.4% 34.7% Middle East & Africa 9.5% 10.3% 11.3% 12.3% 13.5% 14.5% Worldwide 22.2% 24.3% 26.4% 28.6% 30.6% 32.8% tablet purchases Digital Buyers in Asia-Pacific, by Country, Digital buyers (millions) China* India Japan South Korea Indonesia Australia Other Asia-Pacific , ,139.6 Digital buyer growth (% change) Indonesia 84.1% 54.1% 36.9% 31.1% 24.9% 22.3% India 75.3% 52.0% 36.9% 36.0% 25.7% 24.5% China* 11.7% 12.3% 11.8% 9.9% 8.2% 7.8% South Korea 6.5% 8.4% 6.4% 6.1% 5.3% 4.8% Japan 3.5% 2.7% 1.8% 1.5% 1.0% 0.9% Australia 3.7% 2.6% 2.3% 2.0% 1.9% 1.8% Other 11.6% 13.7% 13.3% 12.0% 10.0% 10.1% Asia-Pacific 14.9% 15.4% 14.2% 13.5% 11.2% 11.2% tablet purchases; numbers may not add up to total due to rounding; *excludes Hong Kong Digital Buyer Penetration in Asia-Pacific, by Country, Digital buyer penetration (% of internet users) Japan 81.3% 82.0% 82.5% 83.3% 83.7% 84.1% Australia 78.6% 79.4% 80.0% 80.5% 81.0% 81.4% South Korea 61.2% 65.2% 68.4% 71.6% 74.5% 77.4% China* 60.1% 64.8% 69.8% 73.0% 74.7% 75.6% India 30.3% 37.3% 43.8% 52.3% 58.0% 64.4% Indonesia 21.5% 29.5% 36.5% 43.5% 49.5% 55.5% Other 32.2% 33.4% 35.0% 36.4% 37.0% 37.6% Asia-Pacific 48.3% 51.4% 54.8% 58.0% 60.0% 62.0% Digital buyer penetration (% of population) Japan 67.3% 69.0% 70.3% 71.4% 72.2% 73.0% Australia 63.1% 64.0% 64.7% 65.3% 65.8% 66.3% South Korea 54.1% 58.3% 61.7% 65.3% 68.6% 71.7% China* 32.7% 36.6% 40.7% 44.6% 48.1% 51.7% Indonesia 7.6% 11.6% 15.6% 20.2% 24.9% 30.1% India 6.0% 8.9% 12.0% 16.0% 19.8% 24.3% Other 9.0% 10.1% 11.2% 12.4% 13.5% 14.9% Asia-Pacific 19.7% 22.5% 25.4% 28.5% 31.4% 34.7% tablet purchases; *excludes Hong Kong Digital Buyers in Central & Eastern Europe, by Country, Digital buyers (millions) Russia Other Central & Eastern Europe Digital buyer growth (% change) Russia 11.9% 7.5% 4.7% 3.2% 3.0% 2.8% Other 11.4% 7.6% 5.1% 4.6% 3.8% 3.7% Central & Eastern Europe 11.6% 7.5% 5.0% 4.2% 3.6% 3.4% tablet purchases; numbers may not add up to total due to rounding WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH EMARKETER INC. ALL RIGHTS RESERVED 19